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9M net soars 20% at Inditex Group
11
Dec '15
Over the first nine months of fiscal 2016 ended October 31, 2015, net profit at the world's biggest apparel marketer and Spain based Inditex Group soared 20 per cent year over year to €2.020 billion.

Inditex Group which has a portfolio of fashion brands including the fast fashion brand Zara, said in a press release that its net sales too surged 16 per cent from a fiscal ago period to €14.7 4illion.

In constant currency terms, sales growth was 15 per cent for the period under review, with solid growth in like-for-like store sales.

According to Inditex, this growth, coupled with the group's investments, has enabled Inditex to generate 13,079 new jobs worldwide over the past 12 months, of which 3,291 were in Spain.

As at 31 October 2015, the Group's global workforce totalled 146,478 employees and employees worldwide with more than two years' service will benefit from a profit-share plan for 2015-2016.

The Group will award these beneficiaries 10 per cent of the year-on-year growth in profit attributable to the parent company.

The Group continues with the global expansion of its fully integrated store and online sales platform and over the first nine months of fiscal 2016 opened 230 stores in 48 markets.

Inditex opened physical stores in all geographical areas, which included highly relevant stores for all the brands.

Europe saw a net increase of 109 stores over the period, the Americas 47, and Asia and the rest of the world 74 to bring the Group's total number of stores to 6,913.

As of October 31, 2015, the Group was present in 88 markets, with online operations in 28 of these.

In terms of online launches over the period, Zara extended its online presence to Taiwan, Hong Kong and Macao and also launched online operations with Zarahome.com in Australia in December.

Zara Home also launched online in Japan and over the period, Uterqüe also launched online in Sweden and Denmark; Zara Home in Japan, and Pull&Bear, Massimo Dutti, Stradivarius and Oysho in China.

The most relevant openings to date include those of Zara in New York's Financial District, the first store in Hawaii, and a range of openings in Amsterdam, Stockholm, Osaka, Beijing, Harbin, Hong Kong, Singapore, etc.

Alongside the apparel marketer also initiated several store enlargements and refurbishments such as Westfield London and Paseo del Born in Palma de Mallorca.

RFID technology is currently in place in 1,417 stores across 64 countries, having been fully rolled out in 47 countries and by the end of fiscal 2016, Inditex expects 53 countries will have the technology fully in place. (AR)

Fibre2Fashion News Desk – India

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